Portable oil free air compressors are one segment in the ongoing growth of the global air compressor market, according to a new market research report.

Global Market Insights predict that by 2023, the air compressor market worldwide will be worth nearly $40 billion, of which $18 billion will be spent on screw air compressors, and $8 billion on reciprocating compressors.

Centrifugal equipment is forecast to see growth of over 4% from 2016 until 2023, while in the US, where the market was worth about $5 billion in 2015, compound annual growth of 3.2% is predicted throughout the forecast period.

There are several trends not only driving the growth in the market worldwide, but also influencing the choice of air compressors in new purchases, and energy efficiency is one of these – with modern air compressor equipment allowing manufacturers to maintain cost-effective operations.

“Growing popularity of portable products is also forecast to drive the air compressor market,” the report adds. “Ease in handling this equipment has increased adoption in low-duty applications.

“Fewer wearing parts also ensure low maintenance requirements and cost, which is predicted to drive consumption. The portable oil free air compressor market finds application in manufacturing activities.”

The focus on energy efficiency is also influencing the size of air compressors – and with portable oil free compressors representing a particular growth area, it makes good sense that smaller and medium-sized air compressors are also seeing greater increases than at the larger end of the market.

Oil filled air compressors are still expected to constitute the larger share of the market – around 60% at the end of 2015 – but this is changing with time too.

According to the report, oil free air compressors are likely to see a compound annual growth rate of 4% throughout the period, which should help the category to close the gap by 2023.